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Business News/ News / World/  Tech transfer key to combating climate change: Sitharaman
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Tech transfer key to combating climate change: Sitharaman

The minister emphasised on ‘the importance of the multilateral approach to combat climate change and the importance of transfer of climate finance and low-cost technologies from developed to developing countries’

Finance minister Nirmala SitharamanPremium
Finance minister Nirmala Sitharaman

NEW DELHI : Finance minister Nirmala Sitharaman on Thursday told world leaders that a multilateral approach was needed in combating climate change in which financing and transfer of low-cost technology were key elements.

Addressing the plenary meeting of the International Monetary and Financial Committee of the IMF in Washington D.C., the minister emphasised on “the importance of the multilateral approach to combat climate change and the importance of transfer of climate finance and low-cost technologies from developed to developing countries," finance ministry said in a social media post late on Thursday night. 

Sitharaman also emphasised on the greater role of IMF in the post-pandemic period and on the need for timely completion of its general review of quotas to address the under-representation of the emerging and developing market economies. She said that the latest IMF growth projection for India during 2022-23, at 8.2 % is the fastest among major economies in the world. “India has continued to implement key structural reforms aimed at enhancing productivity and employment" the ministry said quoting Sitharaman, in an update on twitter. 

In the backdrop of the emerging challenges, Sitharaman conveyed that the global economy may witness some growth deceleration, said the ministry

The minister also attended the Financial Action Task Force (FATF) ministerial meeting in Washington DC on Thursday conducted along-side the 2022 spring meetings of the IMF-World Bank to endorse its strategic priorities for the years 2022-24. FATF has identified the strategic priorities of strengthening its global network, enhancing beneficial ownership transparency, leveraging digital transformation and ensuring sustainable funding for FATF strategic priorities, the ministry said. 

The minister extended support to these strategic priorities and reiterated India’s commitment to provide necessary resources and support to FATF in its endeavour as a global alliance against money laundering, terrorist financing and financing of proliferation of weapons of mass destruction. 

The minister reaffirmed India’s political commitment to fighting money laundering, terrorist financing and proliferation financing. She also appreciated the work of FATF on beneficial ownership transparency and the role of FATF global network in safeguarding global financial system.

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Published: 22 Apr 2022, 01:55 AM IST
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